Komunal is reaching out to Indonesia’s rural customers by going where they are. The fintech partners with more than 220 banks in tier 2 and tier 3 cities spread through 19 provinces. Founded in 2019, the startup announced today it has raised $8.5 million in funding led by East Ventures Growth Fund, with participation from AlphaTrio Sustainable Technology Fund, Skystar Capital, Sovereign’s Capital, Ozora and Gobi Partners.
Komunal digitizes rural banks, called BPRs (Bank Perkreditan Rakyat) through its DepositoBPR platform, which lets users make deposits and apply for loans digitally without needing to visit their bank’s physical location. In addition to DepositoPR, Komunal also has a peer-to-peer lending platform that connects MSMEs with lenders.
The startup says that in 2022, its platform channeled IDR 3.6 billion, or about $230 million USD, in deposits and loans to BPRs and MSMEs, representing a ...
